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Market Snapshot 9/2016
Miami is one of the top three industrial markets in the country along with southern California and northern New Jersey. Demand is on the upward trend for both leasing and sales in the industrial sector because of new growth and perceived stability in the current economy. In particular, the anticipation of the Panama Canal expansion has fostered economic growth, driving international trade and infrastructure in South Florida.
Because of the demand there's about 831,000 sqf. under construction and an additional 4.6 million sqf. slated for the next decade in Miami. At the same time you see pricing for leasing and land going up. Under 7% vacancy is usually the trigger for new construction. It helps that unemployment is shrinking, and so is available land.
Vacancy 4.2%. A year ago it was 4.6%.
Since land is at a premium (West Dade)$24-$26 per square foot. Medley $16-$22, $14-$16 psqft for developed property), institutional investors are being drawn to buy existing product.
Among the more active companies are third party logistics companies.
Miami has just over 200 million sqft of Industrial space. Between the airport and Medley market there's a little over 90 million square feet.
Interestingly enough, companies are now starting to appreciate more Class A building designs-increase their ability to store yet maintain a smaller horizontal footprint. This new product is being developed primarily in the Medley/Hialeah submarkets.
The whole market is in the upswing. Class A space (6.3 mil sq.ft. in the Doral market is going for $9.50 per sqft. for users of less than 50k sqft. Falls to $9.00 for 50k + sqft.
Class B buildings-older product, and shorter heights, are in great locations and still satisfy most company’s needs. Rates for larger “chunks” of this type class/space are showing slight declines. Nearly 17 Mil. sqft. going for $8.50+- per sqft.
Older buildings featured 24 ft ceilings compared to today's demand of 30-36 foot clear heights.
This year has been another great year for the Doral/Airport industrial submarket and South Florida.
For professional advise in the Industrial Airport West market I can be contacted at 786.471.5228
"Doral Warehouse Specialist"Stop by the office, coffee is on me!
Author Archives: Richard Recuset
5951 NW 102 AVE $300,000 Corner unit, Upstairs and downstairs offices, one street level bay. 1,523 sqft., A/C inside warehouse. Want to learn more: Call or email: Richard Recuset-Broker/Owner 786.471.5228 “Doral Real Estate Specialist” “Si usted no … Continue reading
We help investors invest in rental property in the greater Miami, Fl area. We offerFull service Property ManagementJoint venture partnershipsReal Estate secured fixed rate of return investment opportunities with returns as high as 12%
Here I am on a beautiful sunny south Florida day prospecting and getting to know my area of work. I specialize in the office and warehouse market of Doral, Fl. https://katch.me/embed/v/456e6d5b-61fc-32a3-9b57-cb6af8f93f3b?sync=1
5 things to know: Section 1031, which allows for “like-kind exchanges,” has been in the tax code since 1924. A 1031 like-kind exchange is not a tax “loophole, “ but rather a referral-the owner pays tax on the property when … Continue reading
ENERGY DEDUCTION 179D: The Section 179D deduction in the Internal Revenue Code encourages greater energy efficiency in our nation’s commercial and larger multifamily buildings, by allowing for cost recovery of energy efficient windows, roofs, lighting, and heating and cooling systems … Continue reading
1031 LIKE KIND EXCHANGES: Under both the House and Senate tax reform proposals released in the 113th Congress, Section 1031 is repealed, and further, the President’s budget for Fiscal Year 2015 proposes limits on the deferral provisions of Section 1031. … Continue reading
For those who may be purchasing a commercial property or Refinance. Highlights : No appraisel Fee No Origintion Fee No Application Fee Title work paid by bank Fixed or Prime based rate options We will match or beat any rate … Continue reading
DORAL EDGE WEST CONDO 5951 NW 102 AV Fantastic corner unit in the most sought after (centrally located) gated warehouse location. Doral Edge West Condo is a small (only 26 units) and very well maintained warehouse community. The Warehouse … Continue reading
Doral Retail Retail-Commercial For Lease Convenience Store, Mixed Use 9320 NW 25th ST Doral, FL 33178 General Information Contiguous Space: 1,885 SF Building Size (RSF): 1,885 SF Gross Building Area: 1,885 SF Rental Rate: $34 PSF (Annual) Base Monthly Rent: … Continue reading
I know, this is not in Doral you might ask. Well, it’s an asset with potential. How about that! Richard Recuset could be reached at 786-47-5228 Recuset@DoralCommercialRealEstate.com “Si usted no dispone del tiempo y/o no posee los conocimientos, entreguele la … Continue reading